economy – Jay's Real Estate Blog

Median wages in Md. fail to keep up with cost of basic needs, report says

By Caitlin Johnston and Carl Straumsheim, Special to The Baltimore Sun

February 23, 2012

A family of three in Baltimore County needs about $62,000 just to make ends meet, a new report shows. And, without government assistance, minimum wage barely gets them a quarter of the way there.

In Baltimore City, that same family of an adult with a preschooler and a school-age child needs nearly $50,000, the report said, for a bare-bones budget.

The 2012 Self-Sufficiency Standard, scheduled to be released in Annapolis on Thursday morning, calculates the cost of living for Maryland families based on prices of such necessities as housing, food, transportation and child care. The report, prepared for the Maryland Community Action Partnership, found that median wages in Maryland — which have risen about 25 percent since 2001 — have failed to keep up with the increasing costs of basic needs, which are up statewide about 54 percent.

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Mortgage applications surge on refinancing demand: MBA

(Reuters) – Applications for home mortgages surged more than 20 percent last week, fueled by a wave of refinancing demand as interest rates dropped, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, jumped 23.1 percent in the week ended January 13.

The MBA’s seasonally adjusted index of refinancing applications climbed 26.4 percent, while the gauge of loan requests for home purchases rose 10.3 percent.

“With mortgage rates reaching new lows, refinance volume jumped,” Michael Fratantoni, MBA’s vice president of research and economics, said in a statement. “Purchase activity also increased as buyers returned to the market after the holiday season.”

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Regalia To Present Economic Forecast At Will O' The Wisp

Jan. 5, 2012

Dr. Martin Regalia will present an economic forecast at the next Business Before Hours, sponsored by Susquehanna Bank, on Tuesday, Jan. 17, at Will O’ the Wisp.

The forum is scheduled to begin with a breakfast at 8 a.m. in the downstairs area of the Will O’ the Wisp, with the program running from 8:30 to 9:30 a.m.

Regalia is the senior vice president for economic and tax policy, as well as chief economist, at the United States Chamber of Commerce. The event is billed as a great opportunity to hear how 2012 is starting off and to learn what can be expected for the next year.

“We are delighted and extremely honored that Dr. Regalia accepted our invitation to present an economic forecast to our members,” said Nicole Christian, president and CEO of the Garrett County Chamber of Commerce.

“Marty is one of the nation’s foremost experts on economics, and it is a real coup to have someone of his caliber come to Garrett County and address our members. I learn so much every time I hear him speak.”

Regalia served as a principal analyst in the fiscal analysis division of the Congressional Budget Office, as an economist for the board of governors of the Federal Reserve System (in both the banking and capital markets sections), and as a financial economist for the Federal Deposit Insurance Corporation.

USA Today named Regalia one of the top 10 economists in the nation. Regalia and other economists
received this recognition for the accuracy of their 2008 forecasts.

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>Fed's Kocherlakota: Headwinds to curb U.S. growth

>ST. PAUL, Minnesota | Fri Feb 4, 2011 8:20am EST

ST. PAUL, Minnesota (Reuters) – Headwinds stemming from the collapse of the housing bubble will hold back the U.S. economy this year, keeping growth closer to 3 percent than 4 percent, a top Federal Reserve official said on Thursday.

While 2011 will be better than 2010, the pace of recovery will not be fast enough to make a serious dent in the stubbornly high jobless rate, Minneapolis Fed President Narayana Kocherlakota said in a speech prepared for delivery at the Twin Cities campus of the University of Minnesota.

Kocherlakota sees the jobless rate staying above 9 percent for the rest of this year. “Even more troubling,” it will still be above 8 percent by the end of next year, he said in the speech, which largely repeated one he gave on January 11 in Madison, Wisconsin.

The U.S. jobless rate was 9.4 percent in December, and economists estimate it rose to 9.5 percent in January. The government will report the January rate on Friday morning as part of its closely watched monthly payrolls report.

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Md. Transportation Secretary Reports "Good News" About State's Economy

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Oct. 7, 2010

Maryland Department of Transportation Secretary Beverley Swaim-Staley said she had “a little bit of good news to share” during her department’s annual meeting with Garrett County officials and residents last Friday morning at the courthouse in Oakland.

Each fall, transportation and highway officials visit every county in the state to present their six-year Consolidated Transportation Program draft and to review local issues.

Swaim-Staley said Maryland had a “good summer.” She pointed to such recent “transportation indicators” as increases in passenger counts at BWI Airport, goods moving through the Port of Baltimore, commercial traffic going through Maryland toll facilities, and vehicle titling tax revenue as signs the state’s economy is improving.

“We anticipated there would be a turnaround, and we are seeing that,” the secretary said. “So, hopefully, we can grow, based upon that good news.”

She noted that two years ago her capital budget was cut by 30 percent, or $2.5 billion. But $650 million in stimulus funding enabled the DOT to keep up with its safety and systems preservation programs.

Swaim-Staley said $8 million of that federal money was used for highway improvements on state roads in Garrett County. The county itself received $1.2 million for its resurfacing projects. Garrett Transit was awarded $.5 million for transportation.

Neil Pedersen, state highway administrator, reported that the Rt. 219/Oakland bypass project was still on hold until the economy improves. He noted that all the planning for the 2.4-mile project was completed, while the engineering portion was 85 percent finished.

Pedersen added that all but three properties needed for the project have been purchased.

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If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350

Category: economy

Median wages in Md. fail to keep up with cost of basic needs, report says

Mortgage applications surge on refinancing demand: MBA

Regalia To Present Economic Forecast At Will O' The Wisp

>Fed's Kocherlakota: Headwinds to curb U.S. growth

Md. Transportation Secretary Reports "Good News" About State's Economy

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